5 Regression StatisticsMultiple RR SquareAdjusted R SquareStandard ErrorObservationsInterceptPrice of GoodPrice of Related GoodIncome0.990.980.972.5235Coefficients Standard Error131.92-7.4610.240.30O A. 1.20B. 0.22C. 2.20OD. 0.1217.761.180.970.10t Stat7.43-6.3410.603.00P-value Lower 95% Upper 95%0.000.000.000.0197.11- 9.868.270.10166.73-5.0612.210.50The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income ofyour customers. Excel estimated the above linear demand for your product.If the price of your good is $125, the price of the related good is $40, and the average income of consumers is $28,000, what is the pointelasticity of demand?

Point elasticity is given by the formula dq/dp x p/q. We can substitute values from the given…

The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income of your customers. Excel estimated the above linear demand for your product. If the price of your good is $125, the price of the related good is $40, and the average income of consumers is $28,000, what is the point elasticity of demand?

The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income of your customers. Excel estimated the above linear demand for your product. If the price of your good is $125, the price of the related good is $40, and the average income of consumers is $28,000, what is the point elasticity of demand?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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